Agriculture Reference
In-Depth Information
there are declines in cattle and mutton, pork and poultry, manufacturing
and services, exports of other commodities from China increase. As shown
in Table 13.8, the most significant growth in absolute terms is in electronic
products n the ndustral sector and n processed food n the agrcultural
sector. Although the growth of sugar in China is very impressive, its increase
n absolute terms s lmted as ts ntal export value s very small. As
for ASEAN+5 and the new ASEAN members, exports of natural resource-
related ndustral products n the ndustral sector and vegetable ols n
the agricultural sector increase most significantly in absolute terms. The
growth in the export of sugar is also quite remarkable—in ASEAN+5 and in
the new ASEAN members.
Imports also rise among the ACFTA signatories. China's imports of sugar
and vegetable oil rise significantly, increasing by 10.5 per cent (US$40 million)
and 28.5 per cent (US$174 million) respectively. As China does not have
comparative advantage in these two agricultural commodities, its imports of
vegetable ols (manly palm ol) from ASEAN have rsen dramatcally n recent
years. The elmnaton of mport tarffs wll further stmulate the mportaton
of vegetable ol from ASEAN. Chna's mports of natural resource-related
industrial products, electronics and metal and machinery also increase
significantly. The increase in these three commodities accounts for 85.5 per
Table 13.7 The macro effects of the implementation of the ACFTA, up
to 2010
Chna
Old ASEAN
New ASEAN
Other regons
EV (US$ million)
451
1,254
92
-1,912
EV/GNP (%)
0.025
0.244
0.062
-0.006
GDP (%)
0.141
0.610
0.351
0.034
GDP price (%)
0.136
0.576
0.338
-0.033
Price of land (%)
0.200
-0.071
0.156
0.001
Wages of unskilled labour (%)
0.288
0.877
0.310
-0.002
Wages of skilled labour (%)
0.311
0.848
0.317
-0.001
Price of capital (%)
0.306
0.889
0.333
-0.001
Note: EV - Equivalent variation
Source: Results of authors' smulaton.
 
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